New Found Gold (NYSE:NFGC) Trading Down 3.1%

New Found Gold Corp. (NYSE:NFGC - Get Free Report)'s share price traded down 3.1% on Monday . The stock traded as low as $3.44 and last traded at $3.46. 98,156 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 290,709 shares. The stock had previously closed at $3.57.

Analyst Upgrades and Downgrades

Separately, Roth Mkm restated a "buy" rating and issued a $9.00 price target on shares of New Found Gold in a research report on Tuesday, April 23rd.

New Found Gold Stock Down 4.1 %

The firm has a 50-day moving average of $3.63 and a two-hundred day moving average of $3.52. The stock has a market capitalization of $653.52 million, a price-to-earnings ratio of -11.42 and a beta of 1.21.

New Found Gold (NYSE:NFGC - Get Free Report) last released its earnings results on Thursday, May 9th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. As a group, sell-side analysts predict that New Found Gold Corp. will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its stake in shares of New Found Gold by 1.4% during the 1st quarter. Van ECK Associates Corp now owns 4,875,257 shares of the company's stock worth $17,967,000 after purchasing an additional 69,342 shares in the last quarter. Rathbones Group PLC bought a new position in New Found Gold during the third quarter valued at approximately $198,000. 1832 Asset Management L.P. acquired a new stake in New Found Gold in the fourth quarter valued at approximately $88,000. Raymond James Financial Services Advisors Inc. grew its position in New Found Gold by 20.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 19,500 shares of the company's stock worth $81,000 after acquiring an additional 3,276 shares in the last quarter. Finally, Sprott Inc. acquired a new position in shares of New Found Gold during the 3rd quarter worth $52,000. Institutional investors and hedge funds own 3.43% of the company's stock.

About New Found Gold

New Found Gold Corp., a mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, and Ontario. It primarily explores for gold deposit. The company holds 100% interests in the Queensway project that includes 96 mineral licenses and 6,659 claims covering an area of 166,475 hectares of land located near Gander, Newfoundland.